Institution Theme Category Industry
  • BlackRock
  • Environmental
  • Climate
  • Industrial
Company Year Market Link
Air Liquide SA 2020 N/A

As a fiduciary on behalf of our clients, BIS has engaged with Air Liquide’s board and management team over the past several years on a range of governance and material sustainability topics, including climate-related disclosures. In November 2017 we wrote a letter to Air Liquide’s CEO and Lead Independent Director asking the company to closely review the Task Force on Climate-related Financial Disclosures (TCFD) framework and to consider reporting in alignment with their recommendations. 1
Since our 2017 letter to the company, Air Liquide has made a number of commitments to address climate-related risks. The company has established a target to reduce carbon intensity by 30% between 2015 and 2025 and has committed to developing low-carbon solutions. While the company’s 2019 climate-related disclosures provide useful insights on these efforts, its limited progress in explicitly aligning its reporting with the TCFD recommendations falls short of our expectation of large carbon emitters with a previous history of engagement with BIS on the topic.
We do not believe that Air Liquide’s brief reference to the TCFD framework included in the Universal Registration Document 20192 (which is similar in substance to the company’s statement in the preceding 2018 Reference Document) demonstrates sufficient progress towards aligning its climate-related disclosure with the TCFD recommendations.


  • Proponent
  • Management
  • Resolution
  • Re-elect Brian Gilvary as Director
  • Vote
  • Rationale
  • N/A
  • Details
  • In line with our approach of holding directors accountable when a company is not effectively addressing a material issue, we voted against the election of Brian Gilvary for lack of progress in relation to climate-risk reporting.